CN to Invest $55 Million in Minnesota Enabling Sustainable Growth, Improving Capacity and Advancing the Company’s Commitment to Safety
June 29 2022 - 8:00AM
CN (TSX: CNR) (NYSE: CNI) announced today plans to invest
approximately $55 million in Minnesota in 2022. This includes
investments in technology, capacity, rolling stock units and
company-wide decarbonization initiatives, as well as network
improvements. These investments will power sustainable growth and
ensure the continued safe movement of goods in Minnesota and
everywhere on CN’s transcontinental network.
“We continue to make significant investments in
our network, technology, and capacity. We are building the premier
railroad of the 21st century to do even more for our customers,
railroaders, shareholders, and the communities in which we
operate.”
- Sean Finn, Executive
Vice-President, Corporate Services and Chief Legal Officer of
CN
“This past year, CN expertly navigated difficult
circumstances and successfully kept critical goods moving across
Minnesota, further proving that they are an essential link in our
critical supply chains. I am incredibly grateful that CN has chosen
to build upon their success in Minnesota by investing in local
infrastructure and technology. I thank CN for their commitment to
the Northland, and look forward to continuing our partnership with
them for many years to come.”
- Pete Stauber, U.S.
Congressman, Minnesota’s 8th Congressional District
Maintenance program highlights include:
- Replacing
approximately 5 miles of rail;
- Installing more
than 105,000 new railroad ties;
- Rebuilding 14
road crossing surfaces; and
- Maintenance work
on bridges, culverts, signal systems, and other track
infrastructure
Minnesota in numbers:
- Capital
investments: More than US$300 million in the last five years
- Employees:
approximately 540
- Railroad route
miles operated: 426
- Community
partnerships: US$126,000 in 2021
- Local spending:
US$123 million in 2021
- Cash taxes paid:
US$17 million in 2021
Forward-looking Statements
Certain statements included in this news release constitute
“forward-looking statements” within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and under
Canadian securities laws. By their nature, forward-looking
statements involve risks, uncertainties and assumptions. The
Company cautions that its assumptions may not materialize and that
current economic conditions render such assumptions, although
reasonable at the time they were made, subject to greater
uncertainty. Forward-looking statements may be identified by the
use of terminology such as “believes,” “expects,” “anticipates,”
“assumes,” “outlook,” “plans,” “targets,” or other similar words.
Forward-looking statements reflect information as of the date on
which they are made. CN assumes no obligation to update or revise
forward-looking statements to reflect future events, changes in
circumstances, or changes in beliefs, unless required by applicable
securities laws. In the event CN does update any forward-looking
statement, no inference should be made that CN will make additional
updates with respect to that statement, related matters, or any
other forward-looking statement.
About CNCN is a world-class
transportation leader and trade-enabler. Essential to the economy,
to the customers, and to the communities it serves, CN safely
transports more than 300 million tons of natural resources,
manufactured products, and finished goods throughout North America
every year. As the only railroad connecting Canada’s Eastern and
Western coasts with the U.S. South through a 18,600-mile rail
network, CN and its affiliates have been contributing to community
prosperity and sustainable trade since 1919. CN is committed to
programs supporting social responsibility and environmental
stewardship.
Contacts:
Media |
Investment Community |
Mathieu Gaudreault |
Paul Butcher |
Senior Advisor |
Vice-President |
Media Relations |
Investor Relations |
514-249-4735media@cn.ca |
(514)
399-0052investor.relations@cn.ca |
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